Port Financial Mgt, Costing, Revenue & Exp - Nithin P

8/8/2019 Port Financial Mgt, Costing, Revenue & Exp - Nithin P

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LOGO

Port Financial Management

Presented By:Nithin P


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Expenditure

Contents

Budget, Types & Budgetary Control

Port Accounting System

Costing

Revenue


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MANAGEMENT ROLE


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PLANNING

The process of setting goals, developing strategies, andoutlining tasks and schedules to accomplish the goals.

It is a systematic activity which determines when,how and who is going to perform a specific job.

Planning is a detailed program regarding future

courses of action


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CONTROLLING

Controlling ensures that there is effectiveand efficient utilization of organizational

resources so as to achieve the plannedgoals.

Controlling measures the deviation of

actual performance from the standardperformance, discovers the causes ofsuch deviations and helps in taking

corrective actions.


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BUDGET

A plan for income and expenditureover a future period which issupposed to achieve stated

objectives. A budget is a description of a

financial plan. It is a list of

estimates of revenues to andexpenditures by an agent for astated period of time. Normally a

budget describes a period in the

DI

CT

IO

NA

RY


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UNDERSTAND THE TERMS

Budget - is a predeterminedstatement of companys Revenues& Expenditures for a particular

financial year Budgeting A system of using

budget + monitoring + correction

system Budgetary Control System &

Procedures adopted for centralised

control of activities with references


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TYPES OF BUDGET


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INCOME BUDGET

Prepared out of from anticipated tonnageexpected during the year and expectedvessels

Revenue Anticipated for Cargo HandlingServices

Eg: Exp. Tonnage 6 Lakhs Divided byaverage shipboard (15,000), the no. of

vessels (40). Traffic tonnage multiplied by the rates of

charges

Revenue Anticipated for Services to

Vessels


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EXPENDITURE BUDGET

Based on no. of vessels & tonnagetop mgt sets objectives for levels ofservices, like productivity, turn-

around time, avaialablity &utilization of cargo handlingequipment

Provides specific commitments likeWelfare, Sinking Funds, RetirementBenefits, etc


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CASH BUDGET

Financial transactions are takenplace in the form of Income,Expenditure, Assets & Liabilities

All Cash in flows & out flow of real &personal account are estimated.

Also known as projected sources &application of funds


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STORES BUDGET

Store Purchased and kept in stock

Stores does not earn itself and highstock may affect cash flow

Prepared on the basis of expectedconsumption and lead time toprocure


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Contd . . . .

Stores BudgetOp. Stock XXXX

(+)Estimated Purchase XXXTotal XXXX(-) Estimated Consumption XXX

Estimated Closing Balances XXXX


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CAPITAL BUDGET

Done in conjunction with EngineeringDepartments

List of new projects also included

Shows the sources if eachexpenditure

Govt. Loans, Transfer from surplus


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s a technique fors a technique forresenting in terms ofresenting in terms of

, unction programme s andunction programme s andactivitiesctivities

Chart Title in here

2004 2005 2006 2007

30

50

70

120

PERFORMANCE BUDGETING

orrelating the financialorrelating the financialnd physical aspects ofnd physical aspects of

variousariousstablish relationshipstablish relationshipetween inputs and outputsetween inputs and outputs


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BUDGETORY CONTROL


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PORT ACCOUNTING SYSTEM


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ACCOUNTING EXPENDITURE


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ACTIVITY WISE COMPILATION


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INCOME HEADS


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CODES


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STEPS FOR ACHIEVINGSURPLUS


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ANALYSIS OF COSTS


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Port Financial Mgt, Costing, Revenue & Exp - Nithin P

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